- Demand for open-source AI grew materially in the last few days.
- Render and Bittensor may stand to benefit from the same.
Render [RNDR] and Bittensor [TAO] witnessed a massive surge in interest over the last few months due to the growing popularity of AI. However, recently, the hype around the token has died down.
Even though the momentum around AI tokens isn’t the same as it was a few weeks ago, there are other factors that can contribute to RNDR and TAO’s growth in the long term.
Open source AI is the future?
According to new research data, AI users wanted an open-source approach for the creation of AI-related technology.
Source: X
Apart from this research, major internet figures have also called for the open-sourcing of AI technology. Recently, Elon Musk announced that Grok, X’s LLM tool, had been open-sourced for the public. These factors have shifted the sentiment positively toward open-source AI technologies.
Both Render and Bittensor are open-source technologies in the AI sector that use the decentralized principles embedded in the crypto ethos. As the demand for open-source AI tools grows, so can the interest in both these technologies and subsequently, the interest in their tokens.
However, investment in AI tokens may be a long-term play, as their current price movement wasn’t showing a positive picture.
High correlation
At press time, RNDR was trading at $11.06 and its price had declined by 0.28% in the last 24 hours. In the last few weeks, the price of RNDR had exhibited multiple lower lows and lower highs indicating a bearish trend.
The CMF had also declined to -0.03. A declining Chaikin Money Flow (CMF) suggests that the buying pressure is weakening relative to selling pressure.
It may take significant bullish momentum to reverse the price movement of RNDR and bring it back to $13 levels.
Read Render’s [RNDR] Price Prediction 2024-2025
Source: Trading View
The price of TAO exhibited similar movements in terms of price and also showcased a bearish trend in the last few weeks. Coupled with that, the RSI of TAO had plummeted indicating that there was no bullish momentum behind this token.
The price movement of both TAO and RNDR showed extreme co-relation which is very common for tokens in the AI sector and they may show similar price movement going forward as well.
Source: Trading View
